Independence Realty Trust, Inc. (NYSE:IRT) Declares $0.17 Quarterly Dividend

Independence Realty Trust, Inc. (NYSE:IRT) announced a quarterly dividend on Monday, March 9th. Shareholders of record on Friday, March 27th will be paid a dividend of 0.17 per share by the real estate investment trust on Friday, April 17th. This represents a c) dividend on an annualized basis and a yield of 4.2%. The ex-dividend date of this dividend is Friday, March 27th.

Independence Realty Trust has raised its dividend by an average of 0.0%per year over the last three years and has increased its dividend annually for the last 3 consecutive years. Independence Realty Trust has a payout ratio of 234.5% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities research analysts expect Independence Realty Trust to earn $1.27 per share next year, which means the company should continue to be able to cover its $0.68 annual dividend with an expected future payout ratio of 53.5%.

Independence Realty Trust Price Performance

Shares of NYSE:IRT traded down $0.21 during trading hours on Tuesday, hitting $16.10. 39,195 shares of the company’s stock traded hands, compared to its average volume of 2,907,158. Independence Realty Trust has a 1 year low of $15.06 and a 1 year high of $21.56. The business has a fifty day moving average price of $16.83 and a 200-day moving average price of $16.81. The firm has a market capitalization of $3.82 billion, a P/E ratio of 67.09, a price-to-earnings-growth ratio of 2.08 and a beta of 0.99.

Independence Realty Trust (NYSE:IRT) last issued its quarterly earnings results on Wednesday, February 11th. The real estate investment trust reported $0.32 EPS for the quarter, meeting the consensus estimate of $0.32. The company had revenue of $167.13 million during the quarter, compared to analysts’ expectations of $170.26 million. Independence Realty Trust had a net margin of 8.60% and a return on equity of 1.58%. The firm’s revenue was up 3.8% compared to the same quarter last year. During the same quarter last year, the company posted $0.32 EPS. As a group, equities analysts predict that Independence Realty Trust will post 1.19 earnings per share for the current year.

About Independence Realty Trust

Independence Realty Trust is a self-administered equity real estate investment trust that acquires, redevelops and manages multi-family communities. The company focuses on workforce housing, targeting Class A and B garden-style apartments in suburban and urban infill locations. Its core activities include sourcing value-add acquisitions, overseeing property renovations and delivering in-house property management services to optimize rental income and occupancy levels.

Headquartered in Wayne, Pennsylvania, Independence Realty Trust maintains a geographically diverse portfolio across several high-growth U.S.